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Old 09-29-2015, 04:10 PM   #21
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Interesting. I own cars and a home in Arizona, obviously insured. If they need a credit score they never mentioned it. State Farm.
They wouldn't mention it, but they almost certainly considered it when they gave you the rate.

Not a big deal, but sometimes it can be useful. Thanks to a very good score, I was able to get a 2.5% mortgage when we bought our condo earlier this year. That rate is for the first five years, so I plan to keep it going for a while despite selling the previous house. I get a tax deduction for the interest and I can certainly do better than 2.5% with the money elsewhere. Or at least I hope so!
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Old 09-29-2015, 04:18 PM   #22
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They wouldn't mention it, but they almost certainly considered it when they gave you the rate.

Not a big deal, but sometimes it can be useful. Thanks to a very good score, I was able to get a 2.5% mortgage when we bought our condo earlier this year.
I wonder what kind of a score they could get given the fact I don't have a SS number? Maybe that's why I seem to be paying a lot. Thanks.
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Old 09-29-2015, 04:23 PM   #23
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I wonder what kind of a score they could get given the fact I don't have a SS number? Maybe that's why I seem to be paying a lot. Thanks.
I don't know about Equifax, but Experian and Transunion both calculate credit scores for people without SS numbers.
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Old 09-29-2015, 07:47 PM   #24
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I continue to be surprised with Americans' fixation on their credit scores. Where I come from to be truly FI you have no debt or any reasonable prospect of ever having debt again. I have no idea what my credit score might be.
Where I come from debt is a tool, just like a hammer or a gun. If used correctly it can be really useful. If used incorrectly it can cause significant damage. If you use a credit card you have debt, even if only until you pay it off at the end of the month. A car payment or a mortgage is the same thing with a longer interval. A lot of people play credit card games for fun and profit. I don't, but there's nothing wrong with it. If you're purely cash on the barrelhead, more power to you, but you're just avoiding use of a particular tool. Which is a personal choice, and has nothing to do with being FI.
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Old 09-30-2015, 02:51 AM   #25
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I had my CC exposed to the Home Depot CC theft so I got Equifax monthly reporting for a year. A OK all the way. Of course I have carried no debt for 12+ years but I try to keep my credit-worthiness in good shape.
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Old 09-30-2015, 07:12 AM   #26
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Where I come from debt is a tool, just like a hammer or a gun. If used correctly it can be really useful. If used incorrectly it can cause significant damage. If you use a credit card you have debt, even if only until you pay it off at the end of the month. A car payment or a mortgage is the same thing with a longer interval. A lot of people play credit card games for fun and profit. I don't, but there's nothing wrong with it. If you're purely cash on the barrelhead, more power to you, but you're just avoiding use of a particular tool. Which is a personal choice, and has nothing to do with being FI.
Yes, I understand you point of view. This is a point of view that is more prevalent in the U.S. than other places, ie Canada. Nothing wrong with this view, just that it is less common in other places. Probably a little cultural and may be caused by the structure of your mortgage market, ie the availability of fixed rate long term mortgages coupled with tax relief for interest paid. These are generally not available in Canada.
Also, I think your characterization of credit cards as debt, even though they are paid off each month, is a little bit of a stretch.
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Old 09-30-2015, 07:13 AM   #27
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I don't know about Equifax, but Experian and Transunion both calculate credit scores for people without SS numbers.
Thanks again. I will check this out next time I am in Arizona.
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Old 10-05-2015, 01:21 PM   #28
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Update from the OP: My Amex account started showing my FICO credit score. As of Sept 15 it was 827. I guess VSAC saw it on an off day. It's just as well though that they scared me away from the loan arrangement. I'm much happier making contributions to grandson's college debt by helping to pay off the parental loans - no interest that way and no formal obligation. We can help as we are able.
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Old 10-05-2015, 04:40 PM   #29
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Just checked with insurance company. Got an unsatisfactory response. No SS number, no credit check. No credit check, premium will be higher. Doubt if would be more than 10-15% different though. So not too concerned. Problem is with Insurance co. Pretty sure I could get a FICO score if I really wanted to persue it. Have 2 US based CC's and US based bank accounts.
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Old 10-05-2015, 04:54 PM   #30
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The thing with people that don't have a credit bureau report is that any financial institution, insurance companies included, will question whether the information provided, like names, addresses, social #, is fraudulent. Just about every adult in the U.S. has some kind of agency reporting something on them--credit cards, house payment, etc. Even if they don't have any credit, you can see where they exist.

I once saw a gentleman purchasing an automobile, and we turned him down. The guy pulled out a box of cash and just paid for the vehicle. He was a very settled older gentleman that'd never had a any loan in his name and his house was paid for. He was the exception. It taught me a lesson as I missed out on funding a deal.

With so much dishonesty in the world, one cannot be too careful.
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Old 10-06-2015, 07:28 AM   #31
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The thing with people that don't have a credit bureau report is that any financial institution, insurance companies included, will question whether the information provided, like names, addresses, social #, is fraudulent. Just about every adult in the U.S. has some kind of agency reporting something on them--credit cards, house payment, etc. Even if they don't have any credit, you can see where they exist.
.
Yes, this is the issue I am facing. The insurance co just won't bother trying to get a credit check if I cant't give the a SS number. They aren't geared up for it, think it might be fraudulent, and it would only have a minor impact on the premium charged in any event. Not that big of a deal for me.
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